Retailers have welcomed the Reserve Bank’s decision to cut interest rates by a further 25 basis points down to 3.25 per cent.
As predicted by most analysts, the Reserve Bank has left the cash rate at 3.5 per cent.
While there were speculations that the Reserve Bank would cut the cash rate following two previous drops in November and December, its been left unchanged at 4.25 per cent.
The RBA has come to retailers' rescue in time for the most important retail trading period of the year after announcing a 0.25 per cent reduction in the cash rate.
The RBA has decided to leave the cash rate at a steady 4.75 per cent.
The cries of retailers to cut interest rates have been left unheard as the RBA has decided to leave it unchanged at 4.75 per cent.
Both the NRA and the ARA have described the news as an extra break the sector needs to continue the recovery after a soft couple of years and a disastrous few months.
The National Retail Association has praised the Reserve Bank of Australia after it announced a decision to keep rates on hold for another month.
New figures revealing consumers are cautious about spending in Australia are reflected in the increase in preference for debit over credit card use, according to eftpos Australia Payments Limited manager Bruce Mansfield.
There’s a sigh of relief among Australian retailers as the Reserve Bank of Australia has decided to hold the cash rate unchanged at 4.75 per cent.
his news has been welcomed by both the ARA and the NRA that have suggested keeping the cash rate stable for retailers as to continue their recovery.
The Reserve Bank of Australia has confirmed that the interest rate will remain unchanged at 4.75 per cent where it has been since last November.
This is what the RBA found during its initial consultations for its strategic review of the payments innovation, which is due for release mid-year.
In a recent meeting, the Payments System Board of the RBA discussed date reporting requirements imposed by international card schemes on some transactions through the eftpos system, and brand fees imposed by one scheme on those transactions.
This was highlighted as part of the RBA’s submission to a federal parliamentary inquiry into small and medium business access to finance.
The RBA said that the number of inbound postal items delivered through the Australia Post network suggests there's been a growth in online purchases from overseas.
The RBA has decided to raise the cash rate by 0.25 per cent to 4.75 per cent just before the Christmas trading period begins.
The speculation and the uncertainty of rate rises can have a negative impact on retailers, NRA executive director Gary Black said.
Over the last few weeks the Australian dollar has been steadily increasing following the country's recovery of the global financial crisis.
Despite the Reserve Bank Australia's (RBA) earlier announcement this week that it will not be increasing interest rates, there is still a lot of uncertainty.
The Reserve Bank of Australia's decision to leave the official cash rate unchanged at 4.5 per cent for the third month will give struggling retailers a glimmer of hope for retail trade recovery.
Keeping interest rates stable will give retailers breathing room to build on recent small gains in the sector.
Australian Bureau of Statistics (ABS) retail trade figures released today show a 0.3 per cent growth in March sales as a result of an early Easter four day break.
The Reserve Bank of Australia (RBA)'s sixth 25 point interest rate rise since October last year is devastating news for retailers, who are still struggling to cope with reduced consumer demand.
Retailers will feel the brunt of the Reserve Bank of Australia's fifth 25 point interest rate rise since October last year, taking the cash rate to 4.25 per cent after dismal retail trade continued in February.
Australian retail sales remained relatively flat over the month of February, according to the latest Commonwealth Bank Business Sales Indicator.
Retailers will feel the brunt of the fourth 25 point interest rate rise since October last year, taking the cash rate to four per cent after an unhealthy post-Christmas sales season.
The Westpac-Melbourne Institute Consumer Sentiment Index fell by 2.6 per cent in February from 120.1 in January to 117 in February.
The latest ABS retail trade figures show that sales in December fell 0.7 per cent compared with a rise of 1.5 per cent the previous month.
The RBA's decision to hold interest rates at 3.75 per cent will give retailers a chance to post consistent growth after a year of difficult and irregular trade.
Consumer confidence is continuing its surge, with the Westpac-Melbourne Institute Index of Consumer Sentiment increasing by 5.6 per cent in January to 120.1 from 113.8 in December.
Retailers will feel the brunt of the third successive interest rate rise as consumers will be spending less this Christmas.
The Westpac-Melbourne Institute Index of Consumer Sentiment fell by 2.5 per cent in November to 118.3 from 121.4 in October.
The Reserve Bank's decision to raise the official cash rate by 25 points to 3.25 per cent has not been received well by retailers.
The Reserve Bank of Australia has left the official cash rate unchanged at three per cent with signs of emerging confidence and stability in the economy.
The Reserve Bank of Australia has left the interest rate unchanged at three per cent today and foresees no other rate cut until after the June quarter inflation numbers are released in July.
The Australian Retailers Association said the Reserve Bank of Australia was acting with responsible caution by reducing the cash rate by 25 basis points.